Avenues with UAE
The UAE and Pakistan are in for a greater cooperation in buoying their economic ventures. The multi-billion-dollar deals unlocked by Caretaker Prime Minister Anwarul Haq Kakar and UAE President Sheikh Mohammed bin Zayed Al Nahyan on Tuesday in Abu Dhabi is an indicator of their organic chemistry, which tends to cater to interdependence and development in all walks of life. The MoUs pertain to investment and business ventures in arenas such as energy, port operations, waste water treatment, food security, logistics, mining, aviation, banking and financial services. Apart from this Pakistan is eager to see the UAE lead from the front in climate change, and supports its presidency at COP28, and has networked well in bilateral food security and mining projects.
The agreements are part of the broader understanding through which the newly-constituted SIFC will foresee big-ticket projects and investment portfolios with the Gulf States to the tune of around $100 billion. The UAE has already expressed its desire to invest $1 billion in Pakistani companies across various sectors, and a roadmap is already in the offing. While the UAE is home to around 1.8 million Pakistanis, and the latter looks up to the Emirates development in awe, there are lessons to be learnt as bilateral cooperation scales new heights of success. What cements the two countries is their collective vision for progress and prosperity through economic development, and a deeper understanding in defence profile.
The bilateral trade presently is around $11 billion and is expected to double in the next few years. Likewise, the UAE is one of Pakistan’s major remittances sources as expatriates send in more than $6 billion per annum. Last but not least, the UAE’s top 25 trading and strategic partners include Pakistan, and the UAE is Pakistan’s second largest importer after India. The MoUs must see the light of the day, and no stone should be left unturned to realise the real potential as the UAE stands as a model of success story.
Published in The Express Tribune, November 29th, 2023.
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